Bitcoin price analysis: Bounces back above $6,000, still has many resistance to clear

BTC manages to bounce back above 6k.
Claiming next round figure would be a task.

Manoj B Rawal Independent Analyst

Bitcoin, the largest cryptocurrency by market capitalisation has managed to bounce back above $6,000 to try and stand on its feet after days of consistent sell-offs, but whether it would be able to cross past major hurdles in its way to cross next round figure mark of $7,000, is a tough question to answer.

BTC/USD is up 3 percent on day at $6,387 and has retraced a bit from day's high of $6,500, where it has a stiff resistance on the 480-minute chart drawn from the highs of June.

Even if Bitcoin manages to cross this first resistance of 480-minute chart, there is another one on the daily chart drawn from November lows and now has a strong resistance around $6,700 mark which would be even tougher nut for the largest crypto bulls to crack.

BTC/USD 480-minute chart:

BTC/USD daily chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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